Reading a raise page

Every live raise page is laid out the same way. The figures that price the deal sit at the top, the founder's case and the money follow, and the panel you back from sits beside them. Here is what each part shows and what a sceptical reader does with it, in the order you meet it. Once a raise funds or misses its goal, its page changes: a funded raise becomes the company's page, and one that missed shows the refund instead of the deal line.

Special terms come first

If a raise has special terms, a notice says so near the top of the page, and the Back panel asks you to read it before you commit. Whenever these docs say “unless otherwise stated on the raise page”, this notice is where it would be stated. A founder's own legal terms can differ from the standard ones without a notice, so read the Raise terms chapter as well.

The deal line: valuation, price and supply

• Valuation. The fully diluted valuation: token price times every token that will ever exist, locked ones included. Compare it to the stage of the company, not to other raises. What FDV means.
• Price per token. The same for every backer. Unless otherwise stated on the raise page, it is the goal divided by the 10,000,000 tokens backers buy.
• Supply. A ring showing total supply and the share going to backers. Its segments are backers, trading liquidity, the team's locked package, and any existing investors. A small backer share means a large overhang held by someone else.

On a raise that states a cap above its goal, valuation and price show as a goal-to-cap range, because the amount the company takes is only set at close.

Aligned Parties reservations

When approved Aligned Parties have committed, a line under the figures says how much of the goal (or the cap, if there is one) is reserved for them, and while the raise is live the deal line adds what is left in the goal. The reserved amount is set aside before everyone else is allocated. How Aligned Parties work.

Product, roadmap and team

These chapters are the founder's own words: the problem, who it is for, what exists today, the milestones and the people. Nobody edits or verifies them, so read them as claims to check rather than facts. Doing your own research covers how.

Spending: treasury, monthly draw and runway

Unless otherwise stated on the raise page, 80% of what the company takes becomes the company treasury and 20% seeds trading liquidity. The team's monthly draw is the most it can take from the treasury each month without a market-approved proposal. Runway is the treasury divided by that draw, and it is the line that predicts the next twelve months. On a raise with a cap, the treasury and runway show as ranges; the monthly draw is one fixed amount.

Risks and the disclosure checklist

The founder lists their own risks. Under them, the disclosure checklist counts what the founder chose to show: the required answers, a sourced market size, a dated metric, a stated risk, a named and linked team member, a way to reach the founder, a verified domain, a demo, docs or code link, and a named legal entity. It measures disclosure, not quality. An unfilled or missing line means the founder did not provide it, which is itself an answer.

Money map and the token unlock schedule

The money map traces where your money goes under each outcome: while the raise is open, if it meets its goal, and if it misses. Below it, the token unlock schedule lets you drag the token price as a multiple of the raise price and see what your commitment would be worth and how many of the team's unlocks would apply. The team's first tranche unlocks only after backers have doubled, and each later tranche needs another doubling. How unlocks work.

Backers

Who has committed, largest first, with each wallet's share of the total. A raise where a few wallets hold most of the commitment behaves differently from one with a broad base. Reading concentration.

Raise terms and the Back panel

The last chapter holds the legal terms the founder publishes for the raise (or a link to them), or Backable's standard terms when the founder publishes none. Beside the page, the Back panel shows what has been committed toward the goal (and up to the cap, if there is one), the time left, and how allocation works. Its Q&A tab answers the questions people ask before committing, and its For agents tab links this raise's agents.md for an AI assistant to read.